Miners hit hard in index rebalance

THE fading fortunes of miners, particularly iron ore producers, has been highlighted in this quarter’s ASX index rebalance.
Miners hit hard in index rebalance Miners hit hard in index rebalance Miners hit hard in index rebalance Miners hit hard in index rebalance Miners hit hard in index rebalance

 

Kristie Batten

S&P Dow Jones Indices will remove Atlas Iron, BC Iron and Mount Gibson Iron from the S&P/ASX 200 and the S&P/ASX All Australian 200 indexes.

Atlas and BC’s share prices were flat during the quarter, but were down heavily for the year, while Mount Gibson shares halved in December after the flooding of the Main pit at its Koolan Island mine.

Sundance Resources will be removed from the S&P/ASX 300 index, while Gindalbie Resources and Northern Iron are set to go from the All Ordinaries.

Mineral sands miner Iluka Resources will be removed from the S&P/ASX 50, while Mineral Resources will be cut from the S&P/ASX 100.

Rare earths play Lynas Corporation will be chopped from the ASX 200 and All Australian 200, Beadell Resources will be removed from the ASX 200, Resolute Mining will lose its spot in the All Australian 200.

Intrepid Mines lost its spots in the ASX 300 and All Ordinaries, while Mineral Deposits and Troy Resources will be removed from the ASX 300.

Coal miners were also punished with Bathurst Resources, Coal of Africa, Blackgold International Holdings and Coalspur Mines getting the boot from the All Ordinaries.

Other miners to be cut from the All Ordinaries were Aditya Birla Minerals, Amex Resources, Elemental Minerals, Focus Minerals, Greenland Minerals & Energy, Hot Chili, Hillgrove Resources, Red 5, Resource Generation, Rex Minerals, St Barbara and Summit Resources.

But while resource stocks were heavily impacted, it wasn’t all bad news.

Syrah Resources will join the ASX 200, while Aurelia Metals, CI Resources, Gold Road Resources, Highfield Resources, Northern Minerals, Newfield Resources, Panoramic Resources, Poseidon Nickel, Sheffield Resources, Terramin Australia and Wolf Minerals all to join the All Ordinaries.

The changes take effect after market close on March 20.

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